Open research questions in Global Financial Crisis and Policies
243 gap statements mined from Global Financial Crisis and Policies papers in our 7.9M-paper local library, which holds 4,602 papers on the topic — drawn mostly from each paper's own stated research gap, future-work, challenge and limitation notes, and its abstract. The ones listed below are a selection still marked open; each names the study that raised it, with a DOI link where the paper has one.
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What the literature leaves open
The study is limited by the relatively small cross-sectional dimension of the panel and the availability of some variables only through 2024.
External trade resilience, political risk and development buffers: India and strategic comparator economies in a fragmenting world economy · 2026 · DOIFurthermore, France’s reluctance to relinquish its monetary role, coupled with a lack of consensus among CFA franc governments on abandoning the currency, reinforces its continued relevance.
Our findings reveal a moderate role of state capacity in the relationship between weather shocks and capital flight, highlighting the need for further investigation into other potential mechanisms.
While a growing body of literature studies the effects of weather shocks on economic activity in low-income countries, relatively little is known about their impact on cross-border capital flows.
This advantage, however, manifests itself primarily when global capital is scarce and reverses as lower global interest rates incentivize greater risk-taking among investors.
A better understanding of foreign exchange intervention (FXI) is often hindered by the lack of data.
From a strategic perspective, it is found that hedge ratio-based approaches are insufficient for reducing risk, especially during periods of heightened market stress, and can even increase portfolio variance by producing negative HE values.
Connectedness and portfolio applications across asset classes: evidence from Türkiye under high inflation, exchange rate volatility, and macroeconomic fragility · 2026 · DOIThe study highlights the need for precautionary design and calibration of participation incentives.
Bond Stabilisation Fund (BSF) in Indonesia: Lessons Learned and Its Precautionary Measures · 2026 · DOIThe degree to which macro-financial risk factors are decoupled from portfolio investment flows is still under-researched. The literature fails to explore a full discussion of nonlinear interactions in Threshold Autoregressive frameworks.
MACRO-FINANCIAL RISK TRANSMISSION AND NET PORTFOLIO CAPITAL INFLOWS IN G7 ECONOMIES: EVIDENCE OF STATE-DEPENDENT DECOUPLING AND NONLINEAR RISK ANALYSIS · 2026 · DOIFuture research could examine the impact of geopolitical risk on other financial markets. Future studies could investigate the role of other safe havens in major national markets. Future research could explore the effects of geopolitical uncertainty on national currencies in different economic conditions.
The Geopolitical Risk Footprint on Inflation-Led Money Dynamics: Developed Versus Rising International Currencies · 2026 · DOIThe study notes that prior research has not fully examined the impact of geopolitical uncertainty on international currency markets.
The Geopolitical Risk Footprint on Inflation-Led Money Dynamics: Developed Versus Rising International Currencies · 2026 · DOIThe lack of conceptual clarity in the historiography of Bulgaria's transition. The need for a nonlinear dynamic systems perspective to understand macroeconomic processes in Bulgaria during the 1990s.
Further research can investigate the relationship between ESG performance and sovereign borrowing costs in other contexts. The study of the social dimension of ESG performance can be further explored. The use of other methodologies, such as panel cointegration or classical causality analyses, can be considered.
Sustainability Signals in Sovereign Risk Pricing: Panel Evidence from Emerging Economies · 2026 · DOIThere is a lack of understanding of the role of ESG performance in the pricing of sovereign borrowing costs. The relationship between ESG performance and sovereign bond yield spreads is not well studied.
Sustainability Signals in Sovereign Risk Pricing: Panel Evidence from Emerging Economies · 2026 · DOIThe paper identifies a gap in the understanding of the marketability of the CHF/PLN offer rate. The research aims to fill this gap by assessing the margin policy of selected banks.
Kurs franka szwajcarskiego w wybranych bankach w Polce w kontekście kredytów hipotecznych · 2026 · DOIFuture research could explore the implications of the Quartet's views on exchange rates for contemporary debates on international monetary reform. Future research could examine the role of other economists and policymakers in shaping the evolution of the profession's position towards increased exchange rate flexibility.
The paper highlights the need for a more nuanced understanding of the evolution of the profession's position towards increased exchange rate flexibility.
There is a need for a comprehensive and detailed examination of the interdependent relationships between external debt, economic growth, and trade openness. Prior work has produced mixed results on the impact of external debt on economic growth.
The Impact of Economic Growth and External Debt on Turkey's Trade Openness in the Context of Global Accounting Integration · 2026 · DOIThere is a lack of empirical evidence on the effectiveness of the ECB's conventional and unconventional monetary policies on the German stock market. The study aims to fill this gap by providing new insights into the transmission channels of monetary policy.
ECB’s monetary policy: does the conventional monetary transmission mechanism still work in crisis situations? · 2026 · DOIThe need for an evaluation of the effectiveness of the Central Bank's monetary policy instruments. The lack of understanding of the impact of the required reserve ratios and interest rate corridor on the banking system.
MARKAZIY BANK TOMONIDAN AMALGA OSHIRILAYOTGAN AN’ANAVIY VA NOAN’ANAVIY PUL-KREDIT SIYOSATI TAHLILI · 2026 · DOIOne study develops an IS-LM model with financial risks using only simulated parameter values; prior studies examine stock market–business cycle relationships empirically but do not incorporate financial risk dynamics into their analysis. Bridging this gap requires applying financial-risk-augmented models to actual equity market fluctuations.
Modeling and stability analysis of the IS-LM business cycle under the effect of the financial risks · 2026 · DOIFuture research could explore the application of the model to real-world economic data. The model could be extended to incorporate additional factors, such as fiscal policy or international trade.
Modeling and stability analysis of the IS-LM business cycle under the effect of the financial risks · 2026 · DOIThere is a need to address the systemic risks in debt, banking, and corporate sectors, particularly in emerging economies.
The Effects of Currency Crisis—How the Russian–Ukrainian War Changed the Global Financial Landscape · 2026 · DOIThere is a need to assess the broader implications of the Russian–Ukrainian war for global financial stability, beyond individual economies. Prior work has focused on the effects of the war on exchange-rate dynamics, but there is a gap in understanding the impact on currency crises and economic vulnerability.
The Effects of Currency Crisis—How the Russian–Ukrainian War Changed the Global Financial Landscape · 2026 · DOIA panel version of the model can be developed using country-year data. A VAR or VECM can be estimated using DDI, BRICS GDP share, G-7 GDP share, US debt, and the Federal Funds Rate.
Most-cited papers in Global Financial Crisis and Policies
- Credit Cycles · Journal of Political Economy · 1997 · 4,595 citations
- The Twin Crises: The Causes of Banking and Balance-of-Payments Problems · American Economic Review · 1999 · 2,507 citations
- The saving and investment nexus for China: evidence from cointegration tests · Applied Economics · 2005 · 2,504 citations
- The Penn World Table (Mark 5): An Expanded Set of International Comparisons, 1950-1988 · The Quarterly Journal of Economics · 1991 · 1,647 citations
- Domestic Saving and International Capital Flows · The Economic Journal · 1980 · 1,556 citations
- Fear of Floating · The Quarterly Journal of Economics · 2002 · 1,521 citations
- A Macroeconomic Model with a Financial Sector · American Economic Review · 2014 · 1,515 citations
- The Endogenity of the Optimum Currency Area Criteria · The Economic Journal · 1998 · 1,481 citations
- Risk Shocks · American Economic Review · 2013 · 1,207 citations
- The determinants of cross-border equity flows · Journal of International Economics · 2004 · 1,177 citations
Most recent work
- Geopolitical risk and global capital flows: Evidence from developed and emerging markets · Pacific-Basin Finance Journal · 2026
- Growth, interrupted: How crises delay global convergence · Journal of International Money and Finance · 2026
- Exchange rate responses to the 2025 U.S. Liberation Day tariff announcement · International Economics · 2026
- Monetary policy transmission through the exchange rate factor structure · Journal of Financial Economics · 2026
- USD hegemony, bitcoin, Central Bank Digital Currency and the geopolitics of money · Journal of Post Keynesian Economics · 2026
- Stablecoins: Fundamentals, emerging issues, and open challenges · International Review of Economics & Finance · 2026
- Global shocks and the debt‐growth nexus · Economic Inquiry · 2026
- “Safe haven" or “risk source" ? The time-varying impact of geopolitical risk on China's short-term capital flows · International Review of Economics & Finance · 2026
- The impact of BRICS de-dollarization on exchange rate fluctuations · International Review of Economics & Finance · 2026
- The geoeconomics of wholesale central bank digital currencies: great power rivalry · New Political Economy · 2026
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